-Tech Technology Group (U-HYTT) - News Release
Hy-Tech Technology Group, Inc. Recapitalizes $700,000 Investment In weComm, Inc. Onto Its Balance Sheet
FORT MYERS, Fla., Aug. 20 /PRNewswire-FirstCall/ -- Hy-Tech Technology Group, Inc. (the "Company") (BULLETIN BOARD: HYTT) announced today that it has restored $700,000 in assets to its balance sheet from an investment in weComm, Ltd of London, United Kingdom. The investment was originally recorded as a loan to weComm and reserves had been taken against it at the end of the last fiscal year, prior to new management's arrival. Documents have now been exchanged confirming the conversion of the loan to an investment as part of a private investment round led by a UK venture capital firm. Accordingly, following confirmation and verification by the Company and its auditors, and subject to normal impairment tests at each subsequent year end, the asset will be restored to Hy-Tech's Balance Sheet, and the $700,000 investment will be reported on the Company's next quarterly report, effective for the period ending August 31, 2003.
Martin Nielson, CEO of the Company, said, "we felt that it was in the best interests of the Company and its shareholders to fully pursue the potential value of this transaction since it has significant impact on our balance sheet and shareholder's equity. Our discussions with weComm's executive management convinced us that Hy-Tech's investment remains intact. In addition, with our plans to expand Hy-Tech's product and services offerings, we believe that weComm's wireless data solutions technology has applications in the US markets we serve. weComm presently serves key markets in the United Kingdom and Europe and has expressed an interest in expanding to the US. We believe the time and effort that our team invested to re-establish the value for this investment was well spent and we look forward to expanding our commercial discussions with weComm to achieve a joint, long-term, successful outcome for our shareholders."
About weComm Ltd.
weComm Ltd. is a pioneer in data-streaming technologies over wireless networks. Leading the market with its patented WAVE platform, weComm has developed commercial solutions for the financial, sports and cellular operator markets. weComm solutions enable true real-time information delivery, agnostic to networks and cellular devices, creating new revenue sources, and better ROI. Further information about weComm can be found on its website at wecomm.com.
About Hy-Tech Technology Group, Inc.
Hy-Tech is a custom systems builder and an authorized distributor of the world's leading computer components and peripherals. The Company is headquartered in Fort Myers, Florida, where it began operations in November 1992. It has seventeen local operations in Florida, Alabama, Tennessee, Kentucky, Wisconsin and Colorado. Hy-Tech offers a full line of computer components and peripherals and has technicians capable of building and servicing systems that range in scope from a basic desktop system to very sophisticated server applications. The Company has an aggressive growth strategy designed to leverage existing operations through strategic acquisitions and by expanding into new commercial growth areas in software and services, ecommerce, and proprietary technologies. The Company is an award-winning reseller of the industry's leading technology products and has earned a variety of accreditations, including, Intel Premier Provider, Microsoft System Builder Gold Member, Symantec Authorized Education Reseller, and Iomega Premier Partner. For more information, please visit our website at e-hytech.com
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.
Hy-Tech Technology Group, Inc.
CONTACT: Martin Nielson, CEO of Hy-Tech Technology Group, Inc.,
+1-239-278-4668, or mnielson@e-hytech.com
Web site: e-hytech.com
wecomm.com |
